Unless you have been on Mars for the past weeks, you have heard of the hit series “Squid Game” by Netflix which blew the expectations of every critic. The series is so popular that eventually manifested in reality.
Where you might ask? Well, in the crypto world!
The crypto called “SQUID” launched not long after the series and it went parabolic. Reaching just over $2860 at its height. Yet it turned out to be a horror for those who participated in the trade of this crypto. Their hard-earned money has evaporated. Some lost their entire life savings as the crypto crashed to almost $0. This is kind of ironic, considering the fact that in the series, if you participate and lose one of the challenges “games” you are eliminated, literally. Kind of the same “play-to-earn” mentality. This so-called “Rug Pull” scheme where the founders of the cryptocurrency quit the project and collect the generated capital by exchanging the tokens for hard cash leaving the investors holding the bag, is something that quite often is seen in the crypto world. Some coins get quite the run before they crash and the same goes for this situation and that’s how the scammers “cash before the crash”.
It’s no secret that regulating the crypto environment is quite messy. Lawmakers are still struggling to tinker with some form of legislation that can protect the investor, while does not break the growth of the industry and its advancement. Nevertheless, brokers, exchanges, and other institutions that/ or want to offer access to the crypto world can use already existing tools to prevent such unlawful activity. All the discussions, ideas, and trading is done on the web. Social media is thé platform where all sorts of communication take place. There are prime examples where a new form of market manipulation takes place, such as using bots to spam content on all social media channels. Institutions that offer access to cryptocurrencies bear a responsibility to protect their clients. It is a form of goodwill as well as protecting their reputation to better inform the investor and choose the offerings made available on their platform.
Such a tool exists, and it’s called trading/crypto surveillance. Using social media comments, messages, and posts to monitor and analyze any fraudulent activity that can take place. All this is done through Natural Language Processing, where through a certain set of algorithms, the gathered data can be interpreted into a viable source of information. Stockpulse has the crème-de-la-crème when it comes to trading surveillance. We cover almost all the cryptos available out there, +5k to be precise, but also +35k equities, commodities, and so on. Our comprehensive system is used by leading stock exchanges such as Nasdaq and Deutsche Börse. With datasets going back to 10 years, the utility of our dashboard could ameliorate institutions in overcoming today’s challenges in their compliance departments.
